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Aditya Birla Capital delivered a strong Q4 FY26 with consolidated PAT (ex-one-offs) up 30% YoY to ₹1,124 crore, driven by robust growth across NBFC, housing finance, and insurance segments. NBFC AUM grew 27% YoY to ₹1.6 lakh crore, with retail/MSME contributing 85% of incremental growth. Housing finance AUM surged 53% YoY to ₹47,450 crore, while life insurance VNB margin expanded 260bps to 20.6%. Management guided for NBFC ROA of 2.5% by FY27, housing finance ROA of 2.1-2.2% in FY27, and life insurance individual FYP CAGR of 20%+ over three years. Key risk: margin compression from competitive pressures and potential normalization of credit costs as unsecured mix increases.
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Guidance to track
- Management expects ROA to reach 2.5% by end of FY27, driven by margin expansion from product mix shift and stable credit costs.
- Housing finance expects ROA in the range of 2.1-2.2% for FY27, supported by operating leverage and stable credit costs.
- Life insurance business targets a CAGR of over 20% in individual first year premium over the next three years.
- Housing finance aims to achieve AUM of ₹1 lakh crore within the next 24 to 30 months, driven by branch expansion and digital initiatives.
Risks flagged
- Housing finance NIM compressed 6bps QoQ due to seasonality and competition; NBFC margins also saw slight compression from MTM losses.
- As unsecured portfolio grows, credit costs may rise from current low of 1.04% to guided 1.1-1.2%, potentially impacting ROA.
- Management noted no material impact yet but remains watchful of geopolitical tensions in West Asia, which could affect asset quality.
- Negative operating variance in life insurance due to assumption changes ahead of IFRS transition; may persist in near term.
Key quotes
- Our strategy, disciplined execution and building blocks that we have put in place give us a confidence to sustain growth, gain market share and improve profitability while maintaining strong portfolio quality across our businesses.
- We are looking at by end of this year we are looking at 2.5% ROA this is what we are looking at.
- Our guidance continues to grow the individual FIP at a CAGR of 20% plus for the next three years.
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